Three Months Ended
March 31,
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Operating Highlights: 1998 1997
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Revenue $ 710,068 $ 533,030
Gross profit 183,411 130,023
Income from operations 60,928 38,597
Non-recurring merger and integration costs (9,800) --
Income before provision for income taxes 43,826 36,559
Provision for income taxes(A) 22,272 13,473
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Net income $ 21,554 $ 23,086
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Pro forma net income(A) $ 25,141 $ 22,475
Pro forma earnings per common and
common share equivalents $ 0.22 $ 0.20
Pro forma earnings per share before
non-recurring merger and
integration costs $ 0.29 $ 0.20
Weighted average shares outstanding 120,346 116,284
As of
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March 31, Dec. 31,
Balance Sheet Highlights: 1998 1997
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Working capital $ 361,157 $ 335,729
Total assets 1,629,985 1,495,011
Long-term debt 411,155 372,620
Convertible debentures 86,250 86,250
Stockholders' equity 871,132 825,287
(A) Provision for income taxes for the three months ended March 31,
1998 includes $3,587, which resulted from the cash to accrual
conversion related to the merger with Actium, Inc. (previously an S
Corporation). This additional tax provision is treated as an
increase to net income to calculate proforma net income.
All periods presented reflect poolings with Office Specialists, Inc., and Actium, Inc. |
